Coinbase previously offered to buy back $150 million in face value bonds, but investor interest has so far been limited, suggesting many investors see more upside to the bonds.
The exchange said on Monday it had raised its repurchase offer to 67.5 cents per share and has now bid for bonds with a face value of $50 million.
The bonds, which have a coupon rate of 3.625 percent and are due in 2031, are currently trading at about 63.5 cents on par. Bondholders have until Sept. 1 to make a final decision and accept the deal.
According to previous news, Coinbase proposed to repurchase part of the outstanding junk bonds, and will purchase up to $150 million in cash for notes due in October 2031 with an interest rate of 3.625%.